NFIB Weekly News
Leading the News
NFIB Awards Guardian of Small Business Award to Members of Congress (09/18/2024)
WASHINGTON, D.C. (Sept. 18, 2024) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, presented the prestigious Guardian of Small Business Award to Members of the United States House of Representatives.
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NFIB President Brad Close Discusses the 20% Small Business Deduction on the Lars Larson Radio Show (09/17/2024)
WASHINGTON, D.C. (Sept. 17, 2024) – NFIB President Brad Close joined The Lars Larson Show to discuss the importance of the 20% Small Business Deduction for Main Street businesses. Close explains how the Small Business Deduction empowers middle class small business owners to grow their businesses, hire employees and raise wages, and give back to their communities.
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Millions of Jobs, Billions in Economic Growth at Stake if 20% Small Business Tax Deduction Expires (09/12/2024)
New EY macroeconomic analysis, NFIB survey of small business owners illustrates impacts of potential massive tax hike on small businesses
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New NFIB Survey: Small Business Optimism Improves in Industry-Specific Report (09/04/2024)
WASHINGTON, D.C. (Sept. 4, 2024) – The NFIB Research Center released an industry-specific quarterly Small Business Economic Trends survey highlighting the construction, manufacturing, retail, and services industries.
“Small business optimism showed signs of improving over the last few months. While conditions remain tough overall, owners report feeling positive about the future of the economy, especially in the construction sector,” said Holly Wade, Executive Director of NFIB’s Research Center. “While this increase is certainly a positive sign, reports of hiring challenges, low sales, and increasing cost pressures remain significant concerns for small businesses in every industry.”
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District Court Strikes Down Ban on Noncompete Agreements (08/21/2024)
WASHINGTON, D.C. (Aug. 21, 2024) – NFIB commends yesterday’s decision by the U.S. District Court for the Northern District of Texas in the case Ryan, LLC. v. Federal Trade Commission (FTC). The Court agreed that the non-compete rule exceeds the FTC’s statutory authority and ordered that the rule not take effect nor be enforced. NFIB filed an amicus brief with several business groups in support of the Plaintiffs.
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500 Days Until Massive Tax Hike Occurs For 90% of Small Businesses (08/19/2024)
WASHINGTON, D.C. (August 19, 2024) – The National Federation of Independent Business (NFIB), released the following statement from Jeff Brabant, NFIB Vice President of Federal Government Relations:
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Business Climate
NEW NFIB SURVEY: Small Business Optimism Dips in August (09/10/2024)
WASHINGTON, D.C. (Sept. 10, 2024) – The NFIB Small Business Optimism Index fell by 2.5 points in August to 91.2, erasing all of July’s gain. This is the 32nd consecutive month below the 50-year average of 98. The Uncertainty Index rose to 92, its highest level since October 2020. Inflation remains the top issue among small business owners, with 24% of owners reporting it as their top small business operating issue, down one point from July.
Read the statement here
NFIB Files Amicus Brief Challenging New Evidentiary Standard (08/20/2024)
WASHINGTON, D.C. (Aug. 20, 2024) – NFIB filed an amicus brief in the case E.M.D Sales, Inc. v. Faustino Sanchez Carrera at the United States Supreme Court. The case considers what standard of proof should be used to determine if an exemption to employers’ overtime pay requirements applies under the Fair Labor Standards Act (FLSA). NFIB filed the brief with the U.S. Chamber Litigation Center.
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Inflation remained the number one operating issue for small business owners in July (08/13/2024)
WASHINGTON, D.C. (August 13, 2024) – The NFIB Small Business Optimism Index rose 2.2 points in July to 93.7, the highest reading since February 2022. However, this is the 31st consecutive month below the 50-year average of 98. Inflation remains the top issue among small business owners, with 25% reporting it as their single most important problem in operating their business, up four points from June.
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Congress Must Repeal Corporate Transparency Act to Protect Small Businesses (08/07/2024)
WASHINGTON, D.C. (Aug. 7, 2024) – The Washington Times published an op-ed from Jeff Brabant, NFIB’s Vice President of Federal Government Relations, highlighting the harmful impact of the Corporate Transparency Act’s (CTA) beneficial ownership (BOI) reporting requirements for small businesses. Brabant explains how the new mandate, which requires small business owners to register their personal information with the Financial Crimes Enforcement Network (FinCEN), places an unfair burden on Main Street businesses, with devastating consequences.
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Supreme Court ruled in favor of small businesses in several key decisions (07/15/2024)
WASHINGTON, D.C. (July 15, 2024) – The U.S. Supreme Court recently wrapped up its 2023-2024 term and will be in recess until October 2024. During this term, the Court heard a number of cases that will have a significant impact on small businesses and the Main Street economy. NFIB filed amicus briefs in 12 of the cases presented. Of those, five were decided in favor of small businesses, including a monumental ruling that overturned Chevron.
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Legislation Protects Small Businesses From Burdensome Regulations (06/28/2024)
WASHINGTON, D.C. (June 28, 2024) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, sent members of Congress a letter of support for H.R. 358, the Small Business Regulatory Flexibility Improvements Act (SBRFIA). The legislation ensures that federal agencies fully consider the impact of regulations on small businesses. Specifically, H.R. 358 focuses on eliminating the loopholes in the Regulatory Flexibility Act (RFA).
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Wages and Benefits
NFIB Testifies on Employer-Sponsored Health Benefits Before U.S. House Education and the Workforce Subcommittee (09/11/2024)
NFIB’s Holly Wade spoke on the value of employer-provided health coverage for Main Street businesses and the U.S. economy, as well as the burden of rising costs on small businesses
Read the statement here
NFIB Jobs Report: Main Street Job Growth Stalls in August (09/06/2024)
ALBANY, NY (Sept. 6, 2024) – NFIB’s August jobs report found that 40% (seasonally adjusted) of small business owners reported job openings they could not fill in August, up two points from July. Labor quality as the top small business operating problem rose two points from July to 21%, the highest level reported since January of this year.
Read the statement here
NFIB Jobs Report: Main Street Compensation Plans Fall As Labor Costs Grow (08/01/2024)
WASHINGTON, D.C. (Aug. 1, 2024) – NFIB’s July jobs report found a seasonally adjusted net 33% of small business owners reported raising compensation in July, down five points from last month and the lowest reading since April 2021. A net 18% (seasonally adjusted) plan to raise compensation in the next three months, down four points from June.
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New Freelance Worker Mandates Go Into Effect in Illinois (07/26/2024)
The Freelance Worker Protection Act went into effect in Illinois on July 1.
The act regulates the relationship between non-construction independent contractors (“freelance workers”) and their contracting entities.
Under the new law, contracting entities must provide freelance workers with written contracts. The written contract must be provided either physically or electronically to the freelance worker.
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NFIB Monthly Jobs Report: Job Openings on Main Street Fall in June (07/04/2024)
Small businesses continue to struggle to find qualified workers. WASHINGTON, D.C. (July 4, 2024) – NFIB’s June jobs report found solid employment hiring plans among small business owners, but overall unsuccessful attempts to hire additional workers. A seasonally adjusted 37% of all small business owners reported job openings they could not fill in their current period, down five points from May.
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NFIB Jobs Report: Small Business Compensation Plans Fall to Lowest Level Since 2021 (06/06/2024)
WASHINGTON, D.C. (June 6, 2024) – According to NFIB’s monthly jobs report, a net 18% (seasonally adjusted) of small business owners plan to raise compensation in the next three months in May, down three points from last month and the lowest reading since March 2021. Seasonally adjusted, a net 37% of owners reported raising compensation, down one point from April but historically very high.
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